Best UK Litecoin Wallets 2023

One of the most important features of blockchain technology and crypto-based assets is the degree of ownership and control it gives the individual, or the lack of control it gives to a centralized authority. Digital wallets are another tool that allow users to exercise higher levels of control over their crypto assets than any other asset class, and for that reason, we are seeing their popularity dramatically increase.

There are many ways to buy cryptocurrency in the UK. Litecoin is an example.

You can buy Litecoin in the UK with a bank transfer, credit or debit card, or any other payment method allowed in the UK. Then, you have to store the digital assets in a crypto wallet. However, apart from buying Litecoin in the UK, you can make more Litecoin transactions such as selling Litecoin.

These cryptocurrency wallet options are more than just a digitized version of a wallet you would find in someone’s back pocket, they are storers of information. Specifically, a Litecoin wallet is a cryptocurrency wallet that accepts LTC (the native token of the Litecoin Network); there are then a host of different Litecoin wallets to choose from that all function in slightly different ways so you have to compare them to find the best Litecoin wallet that suits your needs.

Crypto Wallets can be divided into two main categories:

• Software wallets: Software wallets refer to digital wallets that store Litecoin and other cryptocurrencies online. The best Litecoin wallets are the ones that are the easiest to use and come with the most options to secure Litecoin. All software wallets should give the user an option to lock the wallet with a custom password.

• Hardware wallets: Hardware wallets are physical devices that store your crypto wallet.

There are then a host of other features that help us to classify different types of hardware wallets and software wallets; some are free, some will cost you money to use, some store your funds online (hot storage), and others offline (cold storage). All of the features have pros and cons so you need to make sure you choose the right wallet for how you want to use it.

On this page we will cover everything you could need to understand about hardware wallets and software wallets, how to use them, the different types available to you, the pros and cons each has, and if they support Litecoin.

What Types Of Litecoin Wallets Are There?

A wallet refers to a digital application, or piece of hardware, that allows users to store funds after they buy Litecoin, confirm transactions and track the history of payments that you make with cryptocurrencies whilst keeping complete control over them. Cryptocurrency wallets are also useful when it comes to selling cryptocurrency.

Cryptocurrency wallets work through the use of Private keys: a long string of numbers that essentially act as a password. You can think of them as a digital signature that confirms the identity, or address, of someone or something. Public keys are another long string of numbers but these are known by the users of a network. This is the address you would send funds to and then the private key is the signature for a user to unlock those funds. You have to make sure you secure your Litecoin funds even if you forget your private keys or lose your phone.

Some wallets also support NFTs meaning users can send and receive NFT collectibles to one another without any need for an intermediary. Also, some offer DeFi features like staking and lending for example; staking coins allows users to earn interest on holdings by submitting them into a pool on that platform that in turn provides APY for providing it with liquidity.

Hot Wallets – Best Litecoin Wallet For Beginners in the UK

A hot wallet is an online wallet that is always connected to the internet and its server. On these online wallets, you can perform all of the usual functions with this like sending, receiving, and storing cryptocurrency tokens and coins. Some wallets can also hold several different cryptocurrencies at one time. For example, you may be able to hold Litecoin and Shiba Inu in the same cryptocurrency wallet.

Here are some examples of interfaces available with hot wallets:

• Desktop & Laptop (a desktop wallet example is Ledger)

• Web (browser extension e.g. MetaMask)

• Mobile wallet apps (e.g. Trust Wallet)

• Apps (e.g. Exodus)

• Native wallets provided by exchanges or brokerage platforms

There are also other Litecoin wallets. Two important types of hot wallets to be aware of: custodial and non-custodial. Custodial wallets mean the third party that provides the wallet holds the private key, whereas non-custodial wallets give full ownership of the private key to the owner of the Litecoin wallet; the private key is essentially the digital signature that allows you to receive crypto assets and ownership of this gives you maximum levels of control.

However, it’s important to note that if a wallet is custodial and the parent exchange is hacked then your private key could be exposed, thereby putting your Litecoin wallet in a state of extreme vulnerability. Similarly, if you hold your private key, as is with a non-custodial wallet, then if you lose it you could be locked out of your crypto wallet.

Cold Wallets – Best Litecoin Wallet For More Experienced Users in the UK

In contrast, cold wallets are completely disconnected from the internet and are therefore protected from hacking. Cold wallets are best suited for more experienced users as they can be slightly more complicated to operate; if you make a mistake with these sorts of wallets you could lose access to it forever.

Some of the names of these wallets are:

• Paper wallet: a paper wallet is a reference to storing your private key on a piece of paper. The only problem when choosing a paper wallet is that all paper wallets may need to be imported into the software at some point.

• Hardware wallet: a hardware wallet is a physical device that stores your assets offline, where they can not be hacked or stolen. Even if your hardware wallet is lost, you can buy a new one and input a code you received when you set up your first device. This will make all of our cryptocurrencies reappear on the new device. A hardware wallet example is Ledger.

• Offline wallet

The connection to the internet is what separates hot and cold wallets. Assets are obviously less liquid with an offline Litecoin wallet as you will need to connect it up to an interface every time you want to buy Litecoin, sell Litecoinor trade the asset. Therefore, typically, cold wallets are for storing larger amounts of money for a longer amount of time.

Always keep your private keys and seed phrases (a phrase that acts as your digital signature) safe at all times. If you lose your private keys, your assets can be in danger of being inaccessible.

Top Hot & Cold Litecoin Wallets in the UK

Best Litecoin Wallets Overall

Here is our complete list of the best Litecoin wallet options when counting all of their features. They have been selected either for their ease of use, safety or combined.

Here’s a more in-depth look at each of these wallets:

MetaMask

MetaMask is available on mobile devices as a mobile wallet and desktops as a desktop wallet, and it’s extremely easy to use, making it one of the most accessible wallets on today’s market. This mobile wallet does not support Bitcoin but is compatible with all ERC-20 tokens.

Coinbase Wallet

Coinbase offers an easy-to-use interface that is extremely beginner-friendly and interoperable with most assets on the market. Its wallet is offered worldwide, has great coverage, and is used by over 35,000,000 people. Coinbase is one of the most successful crypto exchanges on the market, has a publicly tradable stock, and is designed with beginners in mind.

Trezor Model T

The Trezor Model T is one of the most advanced and secure wallet options available to cryptocurrency traders. This piece of hardware also goes beyond crypto-based use cases and lets users store a range of sensitive information. It has a good security record in terms of hacking.

If you’re looking for a more extensive list of Litecoin wallet options then have a look at the section below for rankings by each type. In addition, we’ve put together a number of cryptocurrency wallet guides for the top cryptocurrencies in the UK:

• Best Dogecoin Wallets in the UK

• Best Bitcoin wallets in the UK

• Best Ethereum wallets in the UK

• Best XRP wallets in the UK

Best Litecoin Wallets Reviewed By Type

Best online software Litecoin wallets in the UK

Software wallets are the best option for beginners as they are easy to use, take a lot of the responsibility for private keys, and are free. These are the best software wallets on the market at the moment because of how beginner-friendly they are, how accessible they are, and because they are free at the point of use; they have been ranked roughly on usability and accessibility.

Best hardware Litecoin wallets in the UK

Hardware wallets are a good option for you if you want your crypto assets to be as secure as possible because they are stored offline. However, they will be more complicated to set up and use, and usually, they will come at a cost. These wallets are some of the most modern, secure, and user-friendly options on the market. They are sorted in order of which provides the best service and not value for money.

Best mobile app Litecoin wallets in the UK

Mobile application wallets offer the most accessible means of storing your crypto-based assets. Usually, this means mobile wallets will have a simple interface that is easy to use, and probably will be a hot wallet rather than a cold wallet – although there are exceptions. Also, mobile wallets allow for easy trading on the go, unlike more basic desktop wallets or paper wallets. The following cryptocurrency wallets are ranked in order of the complete package they offer to their users.

Best Free Litecoin Wallets in the UK

Here are the best free Litecoin wallets in the UK; we have ranked them by which offers the best collective package, including usability, how beginner-friendly it is, the assets it supports, and how interoperable with the crypto space it is.

What To Consider When Choosing A Wallet in the UK?

Do Litecoin Wallets Support NFTs?

NFTs (non-fungible tokens) are cryptographic tokens that are stored on the blockchain and cannot be copied, forged, or replaced.

Some wallets, like Binance Smart Wallet, for example, will allow you to store your NFTs in the same place as your LTC.

Is Staking Possible With A Litecoin Wallet?

Yes, with some. Staking is when you submit some of your own LTC to certain liquidity pools with a network. For example, Atomic Wallet supports staking and offers 7% APY on your staked LTC.

Can I Use The Same Wallet For Multiple Exchanges?

Yes, some cryptocurrency wallets allow you to connect them to multiple exchanges. Any wallet can send funds to any exchange as long as it is on a supported Litecoin network. For example, sending Ethereum from a Litecoin wallet to an Ethereum address on an exchange will always work.

Reminder: remember to always double-check the Litecoin network or the blockchain network you are dealing with before you send your assets.

Can I Trade On Decentralized Exchanges Using A Litecoin Wallet?

Yes. A decentralized exchange, or DEX, is a platform that offers the same core features as its centralized counterpart (buying, selling and trading crypto assets) but instead, there is no sense of ownership or control over the exchange. Almost all DEXs require the use of a wallet.

Can I Buy Litecoin Using A Wallet in the UK?

Some cryptocurrency wallets allow you to buy Litecoin directly from them. You just need to check the payment method accepted by these wallets. For example, the Exodus Litecoin wallet lets you exchange crypto directly. While this can be convenient it can often be much more costly to exchange assets directly with a wallet than with an exchange – so be sure to check and compare the fees associated with the transaction and also the pyment method.

Here are the steps you have to follow:

In addition to buying ETH, you can also buy other altcoins using crypto wallets. However, since wallets use third-party providers to execute the transactions in the UK, you might be wasting a fair bit of your pounds on the transaction fees. We’ve put together a number of guides to buy cryptocurrencies in the UK with minimal fees:

• Best way to buy Bitcoin in the UK

• Best way to buy Dogecoin in the UK

• Best ways to buy Cardano in the UK

• Best ways to buy Litecoin in the UK

Do I Have To Pay Tax on Litecoin Stored in My Wallet in the UK?

No. You do not have to pay any tax just for storing your LTC. However, you will need to pay tax on any earnings you make via staking or selling your LTC for a higher price.

To find out what tax you need to pay, check out our complete guide here.

How to Set Up a Litecoin Wallet in the UK

Here’s how to set up an account with the eToro Money Wallet.

How Do You Cash Out And Spend Litecoin From A Wallet in the UK?

Top Tips For Litecoin Wallet Users

• Never enter your seed phrase on a website as it could be a scam or phishing site.

• Double and triple check wallet addresses before making a transaction; incorrect addresses may lead to you losing your funds forever.

• Make a copy of your seed phrase or private key and keep it safe in case you forget your password; the best way to do this would be to write it down and put it in a safe place, or store it safely in a cold storage or hardware device.

• Crypto customer service staff will never ask for your seed phrases; if someone does they are probably a scammer.

• Always check exchange fees when buying assets directly from a wallet.

• Be vigilant of the reputation a wallet has; wallets are usually popular if they provide a good and secure service.

FAQs

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